What is BANK & BDA E-AUCTION ?
If you have home loan eligibility (income) then you can easily get a home loan for a BDA plot. BDA’s auctioned corner plots are free from litigation. But make sure you buy corner plots only. BDA should not auction intermediate sites (as per Karnataka High Court’s verdict). In most of the real estate deals, the registration amount and the deal (Agreement amount) amount differ. So, part of your property deal is funded through ‘black money’ (whether you like it or not, I am sure you agree with me?). In BDA e-auction case, the entire auction amount (registration value) is in white and should be paid through your Bank’s RTGS system (Real Time Gross Settlement) or through DDs (Demand Drafts). Kindly remember one important point. If your total auction amount is more than Rs 50Lakh then the successful bidder has to pay 1% of the auction amount as TDS (Tax Deducted at Source). This amount should be paid to Income Tax Department before registering your property. This is in addition to registration and stamp duty charges.
Difference between BDA Allotment and Auction:
BDA has so far formed about 62 layouts in Bangalore. Bangalore BDA maintains a seniority list of applicants who has applied for sites in BDA layouts. After forming a layout, BDA generally allots the plots based on certain criteria and lottery system. The e-auction process is different to this. Any citizen of India can apply for auction. There is no lottery system. The highest price bidder of a particular plot will win the auction.
Response to BDA E-auction June – July 2020
BDA had successfully conducted e-auction during June – July 2020 for around 200 corner sites in the first phase. The E-auctions for sites at HSR Layout, Sir M. Visvesvaraya Layout, Banashankari, NGEF, J.P. Nagar and Rajajinagar.
Latest BDA Plots E-auction 2020 – 2021 (Mar 2021) Notification
BDA has now come up with the latest e-auction notification (March 2021) as part of the seventh phase of auctions.
The E-auctions for sites primarily located at Sir M. Visvesvaraya Layout, J P Nagar 9th Phase, Banshankari 4th & 6th stages, RMV & BTM Layout commence from March 7th, 2021.
The last date to express interest of participation is 29-Mar-2021 to 5-Apr-2021 and the last date for closing e-Auction is 30th Mar, 2021 to 6th Apr, 2021, depending the location of the site. (To avoid the technical outage, this time around as well, the BDA has kept different e-auction last day deadlines for different layouts.)
You may kindly click on the below image to download the complete and latest BDA e-auction notification (Mar 2021).
BDA Sites Online Auction Terms & Conditions
- Applicant should be a Citizen of India
- NRIs & Partnership firms also can participate in the auction
- Applicant has to pay Rs 4 Lakh per site as Earnest Money Deposit (Deposit amount is refundable).
- Successful bidder has to remit 25% of auction amount in 3 days.
You may download complete details on Auction Terms & Conditions from this link.
Advantages of buying a BDA Plot/site through auction:
- The bidding process is completely online (it is like stock market trading).
- The process is transparent. You can view the bid prices quoted by the other bidders on the screen.
- Most of the properties offered are corner plots.
- BDA layouts are comparatively well developed with good infrastructure.
- BDA Layouts have drinking water supply facility.
- You can easily fund the property deal through home loan.
- You are the first owner of the property.
- No issue of black money. The entire property deal amount should be paid through Demand Drafts (DDs) or money transfers.
- No Agent or mediator involved in the process. The entire decision making process is in your hands.
- Anyone in India (citizen of India) can invest in these properties.
- Different plot measurements are available ( from 400 square feet to 4000 sq ft and above).
- You may win the auction at less than the current prevailing market price (but this happens very rarely as BDA can cancel the bid, if its required).
- Auction notification has location and site map details. Hence it is easy to locate the property.
- In case, you wish to re-sell the property, you can do it immediately after the Registration of the vacant plot.
Documents Required For BANK & BDA e-auction
BDA e-Auction Procedure
Complete a Simple Form
You need to fill our Trade application form and provide details about your food business.
Send your Documents
You need to email us the required documents and we will create your Trade Form A and Form B.
Your Trade License application along with other declarations are filed to the local FBO by our CS/ CA.
We will mail you the license which will act as a Trade license, after regular follows ups with the food safety department.
FAQs FOR TRADE LICENCE
Tendering usually refers to the process whereby governments and financial institutions invite bids for large projects that must be submitted within a finite deadline. The term also refers to the process whereby shareholders submit their shares or securities in response to a takeover offer.
The World Bank Group’s Corporate Procurement Unit is responsible for the coordination and oversight of the sourcing strategy, selection, and contract execution for goods, services, construction, and consulting services in over 150 offices around the world.
Applicant should be a Citizen of India. NRIs & Partnership firms also can participate in the auction. Applicant has to pay Rs 4 Lakh per site as Earnest Money Deposit (Deposit amount is refundable ) Successful bidder has to remit 25% of auction amount in 3 days.
The terms and conditions by BDA to participate in the bidding is deposit of Rs 4 lakh which is refundable; if one is successful in the bid, 25 per cent of the site cost needs to be remitted within 72 hours after deduction of the initial deposit, and 75 per cent to be paid within 45 days after receiving the allotment ..